Dow rises 300 points as Wall Street heads for weekly gain: Live updates

The Dow Jones Industrial Average advanced on Friday as the major U.S. averages headed for weekly gains.

The blue-chip Dow gained 340 points, or 0.8%. The S&P 500 added 0.3%. The technology-heavy Nasdaq Composite ticked up 0.2%, weighed down by slides of more than 3% and 1% in Nvidia and Alphabet, respectively.

All three major averages are on track to end the week more than 1.5% higher. That marks a turn from last week, when Wall Street’s postelection rally stalled.

Friday’s moves marked a continuation of a trend where investors shift exposure from tech to names in more economically sensitive corners of the market. That can explain why the consumer discretionary sector led the S&P 500 higher, while information technology and communication services were the worst performers.

While tech struggled, bitcoin neared the long-awaited milestone of $100,000. Small-cap stocks have also performed well this week, with the Russell 2000 climbing more than 1% in Friday’s session and on track to finish the week up by more than 4%.

“Investors are rotating out of the previous high flyers of large-cap communication services and technology and into other cyclical sectors of consumer discretionary, industrials, and financials, as well as mid- and small-cap stocks,” said Sam Stovall, chief investment strategist at CFRA Research. “Drivers continue to be the traditional end-of-election-year rally, in which all sizes, styles, and sectors within the S&P 1500 rose in price.”